2012 Senate Bill 1283 / Public Act 442

Revise detail of mortgage loan regulation

Introduced in the Senate

Sept. 19, 2012

Introduced by Sen. Michael Green (R-31)

To amend the definition of "mortgage loan" in the law that mandates licensure or registration for mortgage brokers, lenders, and servicers, so as to exclude a loan in which the proceeds are not used primarily for a personal, family, or household purpose.

Referred to the Committee on Banking and Financial Institutions

Sept. 27, 2012

Reported without amendment

With the recommendation that the bill pass.

Oct. 17, 2012

Passed in the Senate 36 to 0 (details)

Received in the House

Nov. 8, 2012

Referred to the Committee on Banking and Financial Services

Dec. 5, 2012

Reported without amendment

Without amendment and with the recommendation that the bill pass.

Dec. 12, 2012

Passed in the House 108 to 0 (details)

To amend the definition of "mortgage loan" in the law that mandates licensure or registration for mortgage brokers, lenders, and servicers, so as to exclude a loan in which the proceeds are not used primarily for a personal, family, or household purpose.

Signed by Gov. Rick Snyder

Dec. 22, 2012